U.S. consortium The Friedkin Group is finally set to complete a takeover of Everton after agreeing to purchase majority shareholder Farhad Moshiri’s 94% stake in the club Monday.
The deal is expected to cost The Friedkin Group between £400 and £500 million, according to Sky Sports.
The firm previously agreed to buy out Moshiri in June but backed out of talks after one of Everton’s creditors, 777 Partners, was accused of fraud in a New York court filing. 777 Partners attempted a takeover of the club last September but was unable to meet a deadline.
“Blue Heaven Holdings and The Friedkin Group confirm that they have reached (an) agreement over the terms of the sale of Blue Heaven Holdings’ majority stake in Everton Football Club. The transaction is subject to regulatory approval, including from the Premier League, the Football Association, and the Financial Conduct Authority,” reads a joint statement.
A spokesperson for The Friedkin Group added that it is looking forward to “providing stability to the club and sharing our vision for its future, including the completion of the new Everton Stadium at Bramley-Moore Dock.”
The Friedkin Group beat out competition from Crystal Palace co-owner John Textor, who entered exclusive talks to buy the club in August. A prospective deal with Textor was always contingent on the American selling his 45% stake in Palace as Premier League rules prohibit any individual from owning shares in more than one club.
The Friedkin Group also owns Serie A side Roma, who are under pressure after firing beloved manager and former player Daniele De Rossi last week. UEFA only prohibits multi-club ownership if all of the teams in question have qualified for European competition.
The biggest obstacle for the consortium to clear is Everton’s mounting debt, which has reached £600 million, according to The Athletic’s Patrick Boyland. The club owes around £200 million of that sum to The Friedkin Group and another £200 million to 777 Partners.
